This case involves a civil appeal before the Supreme Court of India concerning the financial irregularities and alleged pyramid scheme operated by Royal Twinkle Star Club Limited and Citrus Check Inns Limited. The court is addressing issues related to the disbursement of funds collected from the sale of properties/investments, recoveries, and interest earned to the investors. The case involves numerous intervention applications, modification requests, and applications for directions.
Royal Twinkle Star Club Limited and Citrus Check Inns Limited collected ₹8,852 crore from public investors, but only ₹3,430 crore was repaid. ₹3,077 crore was paid as commission. The companies operated a pyramid scheme. There are 31,86,702 investors with a principal amount of ₹6,688 crore. ₹435.61 crores have been collected from the sale of properties/investments. ₹41.99 crores are subject to claims by banks and financial institutions. 103 properties/investments have been sold, while 17 remain unsold. 11 families received substantial commissions exceeding ₹308 crores. 99 properties were purchased by 7 commission agents. Banks and NBFCs have claims on mortgaged properties worth Rs.41.98 crore.
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Civil Appea…
The matters wer…
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This case involves a civil appeal before the Supreme Court of India concerning the financial irregularities and alleged pyramid scheme operated by Royal Twinkle Star Club Limited and Citrus Check Inns Limited. The court is addressing issues related to the disbursement of funds collected from the sale of properties/investments, recoveries, and interest earned to the investors. The case involves numerous intervention applications, modification requests, and applications for directions.
Royal Twinkle Star Club Limited and Citrus Check Inns Limited collected ₹8,852 crore from public investors, but only ₹3,430 crore was repaid. ₹3,077 crore was paid as commission. The companies operated a pyramid scheme. There are 31,86,702 investors with a principal amount of ₹6,688 crore. ₹435.61 crores have been collected from the sale of properties/investments. ₹41.99 crores are subject to claims by banks and financial institutions. 103 properties/investments have been sold, while 17 remain unsold. 11 families received substantial commissions exceeding ₹308 crores. 99 properties were purchased by 7 commission agents. Banks and NBFCs have claims on mortgaged properties worth Rs.41.98 crore.
Civil Appea…
The matters wer…
Sign in to view related legal provisions.